Oil tanks can vary in shape, size and material. They can be stored inside or out, however to avoid weathering and premature degradation of the tanks integrity indoor installation is recommended. The lifespan of an oil tank is determined by two factors, one being the material that the tank is made of, the other being the policy of the insurance company you deal with.
Most tanks are of steel construction and are normally referred to as “Double Hulled” which means they have an interior tank and an outer tank. This is done for safety reasons, mainly if the interior tank ever leaked then the second hull is there to stop the oil from escaping into the environment. The other more popular type of tank is the Fiberglass construction. These also come in single and double hulled models. The main difference between the two types of construction is lifespan and warranty. When considering a steel tank the lifespan is on average 10 years if the tank is installed outside and 15 years if the tank is installed inside out of the elements. In comparison the lifespan of a fiberglass tank is 30 years regardless of where it is installed.